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Author Topic: What is the biggest disadvantage of Bitcoin?  (Read 25016 times)
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October 28, 2017, 02:05:54 PM
 #801

the disadvantage of bitcoins Are Not Widely Accepted, Bitcoins are still only accepted by a very small group of online merchants, This makes it unfeasible to completely rely on Bitcoins as a currency, There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
Not being widely accepted is not even a big disadvantage, cause I can see that despite the fact that it is not being widely accepted it is still progressing heavily. So let’s count that one off the list. If I’m to mention disadvantages, I will mention network fees, yes I’m not even the only.one that will say, cause I’m very sure that most of the people here will say the same thing.

Nobody likes the fees we pay for transaction, it all used to be free and fast, but now it is expensive and slow at the same time.
- Actually I do not think the network fees is a big disadvantage because if the time to confirm the transaction quickly, high fees is also something that we can accept, however, what we are getting is a high fee but the time to confirm the transaction is very long, sometimes the transaction is delayed and we need to wait for a few hours, days, even weeks. In addition, the price of bitcoin is rising very high, many countries do not receive taxes from bitcoin, they are gradually want to ban bitcoin, not accepted by the government, this is also a disadvantage to making bitcoin slow popular and develop

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October 28, 2017, 02:25:10 PM
 #802

In my opinion, the disadvantage is sometimes based on the purpose of usage. Volatility is an advantage in trading but a disadvantage for other purposes. For example if it will be used as a payment for buying and selling things online, it may not have a good effect on the seller because the price of bitcoin is changing. That is also the reason why some online shops do not accept crypto currencies as a mode of payment. The volatility is the biggest disadvantage of bitcoin and many other cryptocurrency especially when the price is going down, it kills your profit.

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October 28, 2017, 02:51:13 PM
 #803

The main drawback of bitcoin and others cryptocurrencies is scalability. Also If we talk about the limitations of bitcoins, so that is a large volatility of the currency. By other words, even per month bitcoin price can make huge leaps.
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October 28, 2017, 03:00:57 PM
 #804

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

To me the biggest disadvantage that it created was it being anonymous. It guarantees everyone anonymity and that's something to worry about. Let's say you invest like $5k in bitcoin and your wallet is hacked. Your funds could be transferred to a new wallet and it would be visible on the block chain but you don't even know who did it or how it can be recovered

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October 28, 2017, 03:18:07 PM
 #805

The biggest disadvantage of bitcoin  is the safety. Bitcoin is saved in a digital file which its storage called as wallet. The wallet is kept in an Electronic hard disc,  so if it's broken or attacked by virus,  this virtual currency will be easily gone. The worst is when the wallet attacked by malware,  bitcoin in the wallet can be hacked by irresponsible man.



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October 28, 2017, 03:24:20 PM
 #806

the disadvantage of bitcoins Are Not Widely Accepted, Bitcoins are still only accepted by a very small group of online merchants, This makes it unfeasible to completely rely on Bitcoins as a currency, There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
Every picture has two sides, positive one and negative one. In case of bitcoin, there are some disadvantages of bitcoin. The thing which is creating a lot of troubles especially for the ones who are investing in bitcoin is the transaction fee. The owners of bitcoin need to pay a huge amount of money in the form of transaction fee which is creating a very bad image of bitcoin. This thing needs to be taken care of.


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October 28, 2017, 03:34:04 PM
 #807

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

The biggest disadvantage I can think of with regards to entering cryptocurrency specifically bitcoin is its volatility. Its value is unpredictable and its movement can fluctuate in the least you expect it to be and vice versa. If you are a person that is not use to that movement, then you'll be surprise every now and then for it works on its own way as cryprtocurrency is characterized as decentralized, no one is in control.

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October 28, 2017, 04:22:28 PM
 #808

I noticed one disadvantage of bitcoin is that it decreases it's value all of a sudden without any clues. Like for example , tomorrow it's value will decrease 6% and all your assets will be down which forces you to hold your coins and keep it until the value rises to spend it.
That is not the biggest disadvantage of bitcoin. We can still hold bitcoin so that we can receive a big amount of money in the future. No matter how low bitcoin can be, it will always increase and please the investor. The biggest disadvantages of bitcoin are the fees and the confirmation time

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October 28, 2017, 05:00:15 PM
 #809

the biggest advantage of it is that, it is used to hide the identity of the user, and it is also used to do illegal things, liike scamming people, doing transactions which is truly illegal by sending money, and so on. so you wont be able to learn who's behind that transaction, but for us its good thing, because we dont have to verify it if there is someone investigating where are our money came from.

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October 28, 2017, 06:27:03 PM
 #810

Biggest disadvantage is the high volatile nature of bitcoin price due to which some people find it as a very risky investment.Retailers avoid accepting it as a payment.Countries don't legalize it.

Another disadvantage is its pseudo anonymous nature due to which it is criticized that it is used by criminals.

Earlier,high transaction fee was also a problem.But due to segwit activation,it got solved.

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October 28, 2017, 06:33:07 PM
 #811

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!

The biggest disadvantage I can think of with regards to entering cryptocurrency specifically bitcoin is its volatility. Its value is unpredictable and its movement can fluctuate in the least you expect it to be and vice versa. If you are a person that is not use to that movement, then you'll be surprise every now and then for it works on its own way as cryprtocurrency is characterized as decentralized, no one is in control.

I don't know, the problem is not volatility maybe. It's actually being manipulated by the American companies like Jp Morgan and other economical stuff. So I think the problem is that community doesn't adopt bitcoin in the highest level.


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October 28, 2017, 08:15:53 PM
 #812

Hi guys! May I know what you think is/are the biggest disadvantage/s of Bitcoin? Or cryptocurrency in general?

Thank you!


I think there is only one disadvantage that I can think of as of now, and that is the internet. Bitcoin uses internet mainly, so without it there will be no bitcoin transactions. I consider this as a limitation of bitcoin and other crypto currencies.
However as access to the Internet becomes cheaper and computers do the same this disadvantage of bitcoin is disappearing, if the Internet is almost everywhere as it is now what do you think it is going to happen in 10 or 20 years, a majority of the people around the world will have access to the Internet and bitcoin as well.



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October 29, 2017, 04:23:13 AM
 #813

the disadvantage of bitcoins Are Not Widely Accepted, Bitcoins are still only accepted by a very small group of online merchants, This makes it unfeasible to completely rely on Bitcoins as a currency, There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.
Well I think there are two disadvantages of bitcoin first disadvantage is that bitcoin is only working in internet if you have internet so than you have a bitcoin but if you don’t have internet so than you have no bitcoin and secondly bitcoin have no physical shape or any logo because people love bitcoin and they want to see the physical shape of bitcoin.

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October 29, 2017, 05:27:24 AM
 #814

Anonymity is number 1 disadvantage, number 2 is centrilized by big mining companies and they are controling the network and the price.
You have different opinion than me, yes you can say this being anonymous is bad but what is think about this is, this is the best thing featured in bitcoin. Reason is, whatever you transact, no one is going to know about it. You are, to great extent, hidden from hackers and the bad-eyed people. Plus the centralization is definitely a disadvantage of it, it must be decentralized totally.

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Aba
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October 29, 2017, 05:42:05 AM
 #815

disadvatage  is if you lose the private key or password from bitcoin/ cruptocurrency wallet, then you can not recover it

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October 29, 2017, 06:15:17 AM
 #816

Well to talk about the disadvantages of bitcoins i have found out only few of them which i felt like one of the negatives of bitcoins they are as follows : We have to depend on the miners for making a transfer and they also charge a process fees which is not always the same it keep changing from time to time, Sometimes it days to get it cashed to the bank account if we are converting btc to cash. It is not accepted in all the place we go as its not much popular only some hotels and hardly few shops accepts bitcoins another disadvantage which i personally felt is like ending up losing btc if we miss the private keys there should be some other  alternative created to bring solution for this issue.

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October 29, 2017, 07:30:49 AM
 #817

I noticed one disadvantage of bitcoin is that it decreases it's value all of a sudden without any clues. Like for example , tomorrow it's value will decrease 6% and all your assets will be down which forces you to hold your coins and keep it until the value rises to spend it.
You are right a lot of the people are having the value and the price of the bitcoin is now being more and more famous so get the more and the more value so buy the bitcoin and hold for the long time, the value will be more and more high so hold the bitcoin and you will be able to get the profit from it, as much as you invest in the bitcoin you will be able to buy the bitcoin.

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October 29, 2017, 08:55:35 AM
 #818

Biggest disadvantage is the high volatile nature of bitcoin price due to which some people find it as a very risky investment.Retailers avoid accepting it as a payment.Countries don't legalize it.

Another disadvantage is its pseudo anonymous nature due to which it is criticized that it is used by criminals.

Earlier,high transaction fee was also a problem.But due to segwit activation,it got solved.

I don't think being volatile of bitcoin is the problem, in fact its volatility makes everyone giggles about, it gives us the thrills of ups and downs and besides nobody wants a stable and stagnant price. It's pseudonymous is also an advantage for me as no one can track our identity and how many bitcoin that we hold. So far, the biggest disadvantage for me is the turtle like transaction and the congested block chain that still not yet resolve.

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October 29, 2017, 10:38:33 AM
 #819

Biggest disadvantage is the high volatile nature of bitcoin price due to which some people find it as a very risky investment.Retailers avoid accepting it as a payment.Countries don't legalize it.

Another disadvantage is its pseudo anonymous nature due to which it is criticized that it is used by criminals.

Earlier,high transaction fee was also a problem.But due to segwit activation,it got solved.

I don't think being volatile of bitcoin is the problem, in fact its volatility makes everyone giggles about, it gives us the thrills of ups and downs and besides nobody wants a stable and stagnant price. It's pseudonymous is also an advantage for me as no one can track our identity and how many bitcoin that we hold. So far, the biggest disadvantage for me is the turtle like transaction and the congested block chain that still not yet resolve.

I agree with the slow transaction that we are experiencing always in Bitcoin that is the biggest disadvantage also for me, It is always taking too long to have a confirmation this is one reason why retailers or stores won't integrate Bitcoin as their payment, it is bad for business.

   
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October 29, 2017, 12:35:37 PM
 #820

i think one of the disadvantage of bitcoin is acceptance and awareness about bitcoin. They dont accept bitcoin as payment because they are not aware what is bitcoin.

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